CommonBond has expanded its roster of student loans, now offering student loan solutions for undergraduate as well as graduate students.
“The student loan experience we’re launching today is one I wish I had when I was in school,” David Klein, CEO and co-founder of CommonBond said. “It was the frustration with my own student loan experience – dealing with high rates, poor service, and a confusing process – that led me to start CommonBond in the first place. We’re excited to provide students across the country with the transparent and affordable student loan options they deserve.”
CommonBond’s loans provide interest rates that are among the most competitive in the industry, with variable rates starting at 2.87 percent APR with autopay discount and fixed rates starting at 5.50 percent APR with autopay discount.
The company offers four different repayment options for students in school — deferment, fixed monthly payment, interest-only payment, and full monthly payment.
For every student loan funded by CommonBond, the company will also fund the education of a child in need through a partnership with Pencils of Promise.
CommonBond is also introducing an interactive tool that helps students understand the financial impact of different student loan options. This tool provides guidance for what types of loans families can consider and how different repayment decisions made now can affect monthly payments later.
“With the price of higher education increasing every year, it’s really important that students, and their parents, get the resources that they need to make informed financial choices,” Klein said. “That’s why CommonBond is offering a comprehensive set of repayment options as well as transparent, easy-to-use tools to help families choose the option that’s right for them.”